Cosco set to join Iada

Cosco Container Line is to join the powerful Intra Asia Discussion Agreement (Iada), a body which groups about 50 shipping lines to discuss issues in the trade, in a move that is sending ripples to shippers in the rapidly growing intra-Asia trade.

Iada secretary Roberto Giannetta, who confirmed that Cosco recently had agreed to join the agreement, said only the formalities remained to be sorted out. Hong Kong Shippers' Council executive director Clement Yeung said the effect of this could be reflected in the proportion of increase in shipping lines' terminal charges, expected to take effect this summer. Iada agreed on January 1, 1995, not to raise terminal charges until March 31 this year.